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President Obama Signs Bill to Pay Flood Insurance Claims

President Obama signed into law a $9.7 billion bill to pay flood insurance claims from Hurricane Sandy. By approving this measure, the government increased the borrowing authority of the National Flood Insurance Program from $20.7 billion to $30.4 billion to help cover a shortfall in funding for hurricane-related insurance claims. Prior to the passage of this bill, the Federal Emergency Management Authority (FEMA) was set to run out of money in the coming weeks.